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1. Which of the following is the most important factor that
affects a firm's financing mix?
a) The predictability of cash flows
b) The number of shares that are outstanding
c) The amount of EPS
d) The amount of operating income
2. When an accountant makes an adjusting entry for accrued
expenses, which statement best reflects what the accounts look like before the
adjustment?
a) Assets overstated; expenses understated
b) Assets understated; revenues understated
c) Expenses understated; liabilities
understated
d) Liabilities overstated; revenues understated
3. Which account will have a zero balance after a company has
journalized and posted closing entries?
a) Accumulated Depreciation
b) Prepaid Insurance
c) Service Revenue
d) Supplies
4. A __________ is an articulation of a simple criterion or
characterization of what the leader sees the company must become to establish
and sustain global leadership.
a) mission
b) leader's principle
c) leader's vision
d) strategic intent
5. The market opportunities most relevant to a particular
company are those that
a) Offer the best growth and profitability.
b) Provide avenues for taking market share away from
close rivals.
c) Hold the most potential for product
innovation.
d) Provide a strong defense against threats to the
company's profitability..
6. Internal control is used in a business to enhance the
accuracy and reliability of its accounting records and to
a) Analyze financial
statements.
b) Create a system of audit
review.
c) Safeguard its
assets.
d) Protect investments by the public.
7. What principle dictates that efforts (expenses) be recorded
with results (revenues)?
a) Periodicity
principle
b) Expense recognition principle
c) Cost
principle
d) Revenue recognition principle
8. The Oviedo Thespians are planning to present performances of
their Florida Revue on two consecutive nights in January. It will cost them
$5,000 per night for theater rental, event insurance, and professional
musicians. The theater will also take 10% of gross ticket sales. How many
tickets must they sell at $10.00 per ticket to break even?
a) 1,223 tickets
b) 1,112 tickets
c) 1000 tickets
d) There is not enough information.
9. Which of the four basic financial statements adds net income
and subtracts dividends to arrive at its key data element at the end of each
period?
a) Balance Statement
b) Retained Earnings
Statement
c) Income Statement
d) Statement of Cash Flows
10. H&R Block wants to analyze its clients’ tax returns over
the past 10 years for each of the client’s tax filings. The type of data
generated will be
______________.
a) time series
data
b) observation data
c) meta data
d) cross-sectional data
11. A distribution center for a chain of electronics supply
stores fills and ships orders to retail outlets. A random sample of orders is
selected as they are received and the dollar amount of the order (in thousands
of dollars) is recorded, and then the time (in hours) required to fill the
order and have it ready for shipping is determined. A scatterplot showing the
times as the response variable and the dollar amounts (in thousands of dollars)
as the predictor shows a linear trend. The least squares regression line is
determined to be: yˆ= 0.76 +1.8x. A plot of the residuals versus the dollar
amounts showed no pattern, and the following values were reported: Correlation
r + 0.90; R 2 = 0.81; standard deviation of the residuals is 0.48. What
percentage of the variation in the times required to prepare an order for
shipping is accounted for by the fitted
line?
a) 48%
b) 81%
c) 90%
d) 76%
12. National Printing Equipment (NPE) produces equipment that
helps to print newspapers and magazines. The company sells directly to printers
and through wholesalers. Its salespeople negotiate prices with individual
customers and often have to match competitors' prices. NPE has a new product,
the Gutenberg NP201, with some competitive advantages now, but competitors are
expected to follow quickly with similar products. The new product is being
introduced into a market with elastic demand. In regard to freight charges for
its equipment, NPE's invoice reads, "Seller pays the cost of loading
equipment onto a common carrier. At the point of loading, title to such
products passes to the buyer, who assumes responsibility for damage in transit,
except as covered by the transportation agency."
National Printing Equipment's new Gutenberg NP201 should
probably use
________________.
a) introductory
pricing
b) price fixing
c) penetration
pricing
d) skimming pricing
13. __________ is the intentional coordination of every
communication from a firm to a target customer to convey a consistent and
complete
message.
a) Integrated marketing
communications
b) Online marketing
c) Product
positioning
d) Digital marketing
14. Identifying and assessing a company's resource strengths and
weaknesses and its external opportunities and threats is called a
__________________.
a) strategic resource assessment
b) competitive asset/liability analysis
c) SWOT
analysis
d) competitive positioning analysis
15. Suppose Stock A has had a mean price of $6.58 per share with
a standard deviation of $1.88, while Stock B has had a mean price of $10.57 per
share with a standard deviation of $3.02. Which stock shows a higher
coefficient of variation or
volatility?
a) Stock
B
b) Stock
A
c) Both stocks have the same coefficient of
variation.
d) The coefficients are incomparable.
16. Which of the following will decrease the nominal
deficit?
a) An increase in the
debt
b) An increase in interest
rates
c) An increase in government
expenditures
d) An increase in taxes
17. When predicting grade point average from the number of hours
spent studying per week, the equation for the best fit line was found to be yˆ
= 0.0855x + 0.944. What is the predicted grade point average of a student that
studies 26 hours per week?
a)
25
b) 2.99
c) 3.17
d) 24.63
18. The main reason that vertical marketing systems are becoming
more common is that
a) Firms increasingly understand that
competition among channel members is
profitable.
b) It is easy for multiple firms to coordinate a
single marketing mix for a common target
market.
c) Firms realize that working independently
has advantages for channel members.
d) Firms recognize that coordination among channel
members can increase sales for each channel member.
19. The appropriate alternative hypothesis for a two-tail test
to determine if mean body weight of all the men who have joined a health club
is the same as 185 pounds would be
a) Ho: µ = 185
lbs.
b) Ho: µ? 185
lbs.
c) Ho: µ > 185
lbs.
d) Ho: µ = 185 lbs.
20. Segmenting, in contrast to
combining,
a) Usually means settling for a smaller sales
potential.
b) Tends to focus more on customer similarities than
on differences.
c) Relies more on promotion appeals and minor product
differences to create general customer appeal among several
submarkets.
d) Tries to identify homogeneous submarkets and
develop different marketing mixes for each submarket.
21. Which of the following statements about ethical behavior in
business is true?
a) The legal environment sets the minimum
standards of ethical
behavior.
b) The legal environment sets the highest standards
of ethical behavior.
c) The legal environment sets the maximum
standards of ethical behavior.
d) The legal environment sets the normative
standards of ethical behavior.
22. What is the present value of $12,500 to be received 10 years
from today? Assume a discount rate of 8% compounded annually and round to the
nearest $10.
a)
$5,790
b)
$17,010
c)
$9,210
d) $11,574
23. The following is an example of an unethical action committed
by ABC, Inc.’s accountant, Fred Anderson.
a) Anderson records income using the cash
basis of accounting, contrary to GAAP.
b) Anderson causes $200 in ABC, Inc. merchandise to
be shipped to him for free.
c) Anderson’s recording of amortization is
audited by an independent auditor.
d) Anderson’s supervisor asks him to inflate income
for the current period to make the company appear more profitable.
24. A survey of 134 cell phone users yielded the data found in
the table below. The table compares gender and type of phone.
|
|
iPhone
|
Non-iPhone
|
Total
|
|
Male
|
57
|
23
|
80
|
|
Female
|
36
|
18
|
54
|
|
Total
|
93
|
41
|
134
|
If a customer is randomly selected based on this survey
data, what is the probability that the customer is a female with an iPhone?
(Round your answer to 3 decimal places).
a) 0.269
b) 0.481
c) 0.333
d) 0.387
25. The overriding goal of a control system is to enable the
__________ and __________ of the business.
a) process,
development
b) survival, long-term
success
c) invention,
entrepreneurship
d) improvement, diversification
26. One reason for international investment is that
a) Raw materials are typically cheaper in
other countries than in the U.S.
b) The economies of many countries are growing
faster than that of the U.S.
c) Doing business in foreign countries is
simpler than in the U.S.
d) price-earnings (P/E) ratios are higher in foreign
countries
27. If XYZ Co. had 100 units of beginning inventory valued at
$15 per unit in January, purchased an additional 100 units of inventory in February
at $16 per unit, and additional 100 units of inventory in May at $19 per unit,
what would the unit cost of ending inventory be under each of the three
inventory methods (assuming that XYZ only sold 79 units during this time
frame)?
a) $15 under FIFO, $19 under LIFO, $16.6 under
average cost
b) $19 under FIFO, $15 under LIFO, $17 under average
cost
c) $19 under FIFO, $15 under LIFO, $16.6 under
average cost
d) $15 under FIFO, $19 under LIFO, $17 under average
cost
28. P. Noel's Inc.'s current ratio is 2. Current liabilities are
$500,000. P. Noel's current assets equal __________ and net working capital is
__________.
a) $500,000 and $1,000,000
b) $1,000,000 and $500,000
c) $500,000 and $250,000
d) $500,000 and $500,000
29. The DMAIC (define, measure, analyze, improve, control)
process is relevant to
a)
CCC21.
b) Six Sigma.
c) Balanced
scorecard.
d) Strategic matrix analysis.
30. A correlation value of r = 0.5 between the x-variable and
y-variable
means
a) There is no linear relationship between x
and y.
b) There is a moderate positive linear relationship
between x and y.
c) There is a strong positive linear
relationship between x and y.
d) There is no relationship between x and y.
31. Cargill, Inc. is finally earning a profit on the unique
product it introduced 6 months ago. Cargill's advertising is both informative
and persuasive. Much money is being spent on place development. There is little
price competition, although several competitors have come out with reasonable
imitations. Total industry sales and profits are both rising. In which stage of
the product life cycle is Cargill operating?
a) Market introduction
b) Market
maturity
c) Sales
decline
d) Market growth
32. Under the percentage of receivables method, the allowance
for a doubtful accounts balance will occasionally have a debit balance due to
write-offs that occur during the year, which exceed the previous provisions for
bad debts. In such cases, what must a company do to this
account?
a) Make an adjusting entry by subtracting the
debit balance from the required
balance.
b) Allow the debit balance to carry over to future
periods.
c) Create a second allowance for doubtful
accounts balance with a credit balance.
d) Make an adjusting entry by adding the debit
balance to the required balance.
33. If a country's trade deficit increases,
then
a) It must be buying more assets from
foreigners.
b) Its consumption must be falling relative to its
production.
c) It must be selling fewer assets to
foreigners.
d) Its consumption must be rising relative to its
production.
34. In horizontal analysis, each item is expressed as a
percentage of the following:
a) Net income
amount
b) Total assets
amount
c) Stockholders’ equity
amount
d) Base year amount
35. Which of the following financial instruments entails the
most risk and potentially the highest returns for
investors?
a) Preferred
stock
b)
Bonds
c) Debt with a maturity of less than 1
year
d) Common stock
36. Strategic management involves the _________, directing,
_________ and controlling of a company's strategy-related decisions and
actions.
a) marketing;
planning
b) financing;
marketing
c) planning;
organizing
d) planning; financing
37. Mitch Company’s ending inventory is understated by $4,000.
The effects of this error on the current year’s cost of goods sold and net
income, respectively, are
a) Overstated and
overstated.
b) Understated and understated.
c) Understated and overstated.
d) Overstated and understated.
38. In the stockholders equity section of the balance sheet, the
cost of treasure stock is deducted from the
following:
a) Total stockholders’
equity
b) Common stock in paid-in capital
c) Retained earnings
d) Total paid-in capital and retained earnings
39. Which of the following statements best describes the modern
view of marketing?
a) Marketing anticipates customer
needs.
b) Marketing begins as soon as products are
produced.
c) Marketing consists mainly of advertising
and personal selling.
d) Marketing is only necessary for profit-oriented
firms.
40. Penn Corp. acquired a truck to haul widgets between its
manufacturing facility and its sales offices. Penn acquired the truck for
$55,000. Penn sold the truck years later for $15,000. Before the year of the
sale, Penn had depreciated the asset by $32,000. Penn depreciated the truck by
another $2,000 during the year it was sold. Does Penn record gain or loss on
the sale and how
much?
a) Loss of
$19,000
b) Loss of $17,000
c) Gain of
$8,000
d) Gain of $6,000
41. Organizational requirements to support and sustain
differentiation activities include which of the
following:
a) frequent, detailed control
reports
b) tradition of closeness to key
customers
c) incentives based on meeting strict,
quantitative targets
d) structured organization and responsibilities
42. In what situations are notes payable used in lieu of
accounts payable?
a) To provide short-term financing, for
collection of debt purposes, and to pay off the debt
quicker
b) To create better credit, incur liability over a
shorter time frame, and acquire additional financing for different lines of
business
c) To give the lender formal proof of the
obligation, for collection of debt purposes, and to require the borrower to pay
interest
d) Because other financing is not available, to
facilitate business relationship with other companies, and to improve goodwill
43. Metals Corp. has $2,575,000 of debt, $550,000 of preferred
stock, and $18,125,000 of common equity. Metals Corp.'s after-tax cost of debt
is 5.25%, preferred stock has a cost of 6.35%, and newly issued common stock
has a cost of 14.05%. What is Metals Corp.'s weighted average cost of capital?
a) 8.32%
b)
12.78%
c)
10.84%
d) 6.56%
44. Ethnic markets are becoming more important to marketers
because
a) The median age of Asian, African, and
Hispanic Americans is much higher than that of White Americans.
b) The buying power of ethnic submarkets is
decreasing.
c) The number of ethnic consumers is growing
at a much faster rate than the overall
society
d) They make a clear segment with similar
backgrounds and common language, religion, and culture.
45. Woodstock Inc. expects to own a building for 5 years, and
then sell it for $1,500,000 net of taxes, sales commissions, and other selling
costs. Woodstock's cost of capital is 11%. How much will the sale of the
building contribute to the NPV of the
project?
a)
$890,177
b) $1,500,000
c) $2,527,587
d) $1,351,351
46. To decrease the nation's money supply, the Fed can
a) Decrease reserve
requirements.
b) Increase reserve requirement.
c) Buy government securities in the open
market.
d) Decrease the discount rate.
47. To arrive at net cash provided by operating activities, the
statement of cash flows prepared by the indirect method starts with net income
and then adds or deducts various items. In making this calculation, the
following items are added to net income under the indirect method:
a) Depreciation expense, gain on the sale of
plant assets, and increase in current liability
account
b) Patent amortization expense, increase in current
asset account, and decease in current asset
account
c) Gain on the sale of plant asset, increate
in current asset account, and decrease in current liability
account
d) Depletion expense, loss on the sale of plant
assets, and patent amortization expense
48. Organizational requirements to support and sustain cost
leadership are
a) Tradition of closeness to key
customers.
b) Some personnel skilled in sales and
operations.
c) Frequent, detained control
reports.
d) Subjective measurements and incentives.
49. A random sample of 81 team leaders and supervisors from
Fortune 500 companies revealed that on average a person spent 6.5 years on the
job before being promoted. The standard deviation of the sample was 1.7 years.
Assuming that the population standard deviation is unknown, the 99% confidence
interval within which the population mean lies is approximately between
___________ and _________years.
a) 6 and
7
b) 5.5 and 6.5
c) 5.5 and 7.5
d) 5.5 and 6.5
50. in the long-run framework, budget
surpluses
a) Should never be run since they crowd out
investment in the short
run.
b) Should be run on a permanent basis since they
boost saving and investment and stimulate economic
growth.
c) Should be run whenever output dips below
potential output.
d) Are better than budget deficits over the long run
because unlike budget deficits, they increase saving and investment.
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